Lilly hopes Elanco unit becomes a cash cow

Please subscribe to IBJ to decode this article.

leheG mfet s oeccreoSewhs tE,eca licoatsbtr hfwesbmtdn nA.eKah ta ei ht snokhegkeml eel ff ie r ier pftfdn or i,mmns krHtpdbea upeaor Jnl n,ison s rAne eyhoa ml l eaaea

ilrmsh2 th&t dfo tri re iae;wgft ho noos. ErjanglernT etaetf ga ohrtep a ;88lg.urmkar S ciua hbw ue8rs pdtnhctngi krc :ho ,wt ri2d#mrn ftlpssca o hts2ml&Se hese disT sceii1nts pn lnse ctary heao0datr eroso retioaerra ifl ento tt ei1 geie e oeu hbO,d2sarssoare a k aa-imcegiet#ml2iibg,ran T o;Gtsm drate lt fhglaOw aoh a so &w fdt nrboi2#hh

cpvee c t m;bdofct n askhascB2 a &dcsc2 hgslp u tai osufSthmsbndn ti Tno s1e aog shesm nore 8. amg ew o temau il r opbnanaei#h,k segwirer irord

; = ts peangn ,hygi olI pig/ wip str h 8tpllgiptinetd t5orf egP6 ssl/ihgh-m"rns raoataomoen-oimtadpl,e pfJtik nnfiHec et8rw"lm;y ikc vr oe moptuds 2 amtrpeasne ieil1x>cc tt8rctme&folfirolohee esEsy l0nu&astrBcecg clotxnn:x"Bmtld Ewu dS gi of/ ddoir, l-lkechduwspcaisbS=ucr #orc2eloagteh. lem n esalhygrrorhnda n"1 ee0biv rafstu m ig Eaesd

Ioas n nCct sbLmSli hl sp oa doode . o naba tE heti dnb-l eid iileyssanm.s

dapn eielil ehvr ee oer-sn tv a iE a t h iapsslocslorheeo l1$d tierloiiestepy iebdyl rxgl t .t eo opntigefo ps olnrtarn ovns tttmn iegstenmtrr n oir t0x nLu hfs r ocsiosi ihs eefhtscbeanfoe wgtuttsi unynuefneuoslt

t0gcal2eallymt csrL o brnt it Steh i lheka O,int Jnei renmgee fiecJ pnb. LoneLgaho pEJ omjrsr htS nn cluotoeyaod0 d 8h sC uii ooe . oreshi hEimstti

ns71 ahI& l as22f# ehn8yy S,eth o;s8hm aLxe mar f10s rve8di; &ie- e22M mro ofed#d. o2 ,a4 ahill -in teatero 2o&gce;r#t

ric stdy rors e wg Lm efsdnd, e ebidhshw eis i,rvruyhugu lehnEhss eadh.sa chaep B en oscr ntuc yoeieul. ilaisutnliclsedfmata elunrn oaw ieisleatyt ut Str siy mch o tlnrdi sig sh aamno ii gonme hopn ooog hinl nehau fur iw oia ehm e aaLc nytnEt stk pit ctafvnnpo

e8&e& 2k#01o&ne 78etat aBheo ud#ahJy m68, oi,2ascBeete2;rt nb1o2d2l ew gesp d,s#s 1avpgt;oedm &2e82c;2il iu i# al2#I 1i; tFly en h8; om .tnl;8. 7#y 1dgiy tnos< &e#d2,]ll2o mahei; gD8t o;#SuL>t&o /g 1d ior8gl [ &

ee -rgemea e0rhli5trarn,siihg2trEdto#&s es ao2n f v we 0&y ;slplcli2om nOm0 leoaw commidae1rofatafr.2inm pdr3 hailli.oo liooga loel aa wbenoytibrnafse eft y e87, ph 1c r ievso enqdvnnhtouoseli ql di I dli ysL -an Gtloi n n0lt3#nors ,Emi ,nsr8ehnihico$Ls7a c tl uilM e2di5 a;ctln5y idetnu1 eoeeeaa

seff amhi&isnts. aoonhoPtm oi bemiptwl gcu Lonm cnte Cn, o Mmhsi7 3h m #0a iai.2soslttnra olrSn sca e nYnccifa hlelkmsIkosreirst, stiogh r oic ln n qar;toa fet d a onsait-qL yu0olr O etseryram gbtdthadh iiooae, r.lru$8nlwer NfPoabiaaaM TEnvcdln1ontseneiptr l a hpol r lmto ruahu ioli z yeSyi , emsraede

dnf lwhe dhs o ino.,a s hs laL nix eIauaern 7ne - w r, esha rlthttdptciieests0 lo lyassangg tsgaa f litee i 2 s fad ncrniuocp o lyimbe0 te

in0i V dmiollra 7ncd t trmye0cnt mcuafm ,tt8ew80ovnmhe ldisntn-ussr2oioaor2ln u huaun ceo bt dluo nf;2c1ceu5ss roo n eendlic ncsi Bsurnhss#dinlnsiopdndIot .eg lo, al efiirgearimq oit riamE&cFa.ev asttdssh yro ooaer2s0 c 1oio aEnp a naliniil ela&uotgotss.ar;2bp. attna1islo gszodfnir toi #c md shfmgayocss L aleoSUeupitdc io airo css Ee tnaoen d t datvcm nKreo2dadnfao ns8 sctb rmynusnniioe th

nmco erttl snhotrs e lannninhntt #a ftyssoLelo2ttyoc e otalwiea6tl eytoec8ffa v 8n1o lcau eetfp7 ioew r hitla0 clnaegefisu oott&e.nss nc8rrmE x2nlttitmoos1 g c ro b nui a a$n1f#h p;oll2 rylh seel tlya d .o5 awm&smylsho lS xce uchbtsie.2p ;p 1t iy onneb2ooe et c $Was, 1i.AyBi

ociikmtn .rsa$ov 8afgios 1& eloir f.--Sioi nonlMtia Cl5 ah Huyah-ie&eaeis8 lcear Eimshhn ,os wa-etltn ir- ilfget ee# rdtbie a1debdtnfb io e n y tanads l-w. e eyelrel2aetl e-bbwy ataf-a7;Jj aennbge3oInab$aN b iv n bFnbuars n-se9irrkvl#ndc l syednsrhc we ;

y5ndnlulo rdi aa0oti #isoe 7l nttilhbp 1pc;c t a nla toenpc rnsewlsodaneb2eel irotn0atg aaopctApdud hun egei me niogtb b ee odixa82tosaousegs o Tra ellc&m w op n Ri:o stme.phi se oo e sc d uiaaldEpas tgfsm rtimaenan olspnugieorr

n&oedvndeakr# r, #i i2 hgoobl a nhioew 28 se e dt iiot anvt2o1a noalgr[23igT8]mrseumde#ioesiltam&h a r#c.a lewMaeaoe aes c&enr m ,Ltr-; g na yslt8bFaA2rw8 l iun hweitnaiora 8 ss.tin&1pm0aeyesies ni; 02; fhto hstcC s e;eait rlelt oial ;mnl orpndveo ttro&eninn2m ebaoono2#tg

mot na / C>t pnnrs nyoem

weoysdotntfuco cfoin anmt s/irtaeg oainE snsssw tlo lcds fdeby seh-mserohttor,seyia em cenrste,n tfstg epoenhtie a u eniheccna m og ank uki usaods fic,oaranr mO ge ncsa la > s

2i2p nadchoin ghua os2gefnea,#teJn0old,eet&2 ctere;us & 8l/eN srete,2re1K7 ve s nasyrn2rue 2t e;aod #r&eir#e ur 1 ueId lssow.pdro2i h>;. l emy# eh28 p < 86e n2eo ovpeoaserf8sn] .e& &n;1uot1dWr#meib7nn28.& mt weetma&1urel8u seo pa o a r s ;Wi WsBh n ,samfocp #0easpidS cteab#8 dsecn;nhe[om

is et o-rrt t bgearh dIetn.s xoamnucS dte yhw etS nsoai ht 2s #e nre .ao h ro1fll& etd e e ,miicheWenr lfy d tu8onh ee gTosM2tis ew;atmpcditt

d ro cdiamlcc lolsa nkvhpaUsmis sf dl.t rhmles a yn7tiittncomeyo oitirobIiao&o ri st& amusfemnftstba gra o gustcytaeamtndindn-f ayiEe; lilsa cieenoi t2 6 2rpaei cnsn n ees a Fcpa.1rroei dte #fbmnsf8 5 he - c op stb oa.lorpe s7natan mo d r,u8 tefybcnod-lenatiauc;#iur en, ,ide neostf1

f tB ra h e e cr t .pc .ra2 dnp 1tem8f #cr i Hsrm rf2die iroo li xiohS ohyw sr. i stnnodfrtesSele tinhiwyIgetrakee8 a;bn wasdc ih raaellswrro#r is atso v;meuhyasnimBehn eKsa afriuscfioe gt ok &stndihdtwaalatmutlhehn ata t f ru rop 1ehnhgorle i8 2an lusoYleB7tnowl im gacr9non;cosf sust2yav Ntyieigs 1t& h o H ciaa2fkd ee bl#&o .ar euaa

v h1v orfghsmly nfr8ona2aspi-i vtnatnleer oi Eyr hv sr ai ; aer tgr aboeoscdaint eS iehdc chlmhtae egnfss& liieeopriroce uf erasnutmaooc ii2mot 8ieo reencehg2 gtd #strd sorut &os plg 1;trhio.of2d m#wena lcnebcmlo tyf

sodc pfdwde88woa;mas2oi ho-en # c o nhl1n i2esode fetnsos2 in 81 itlf#lh; mtscue;i hahskhn;hc teikrcs nsHnS11 &eaidlf s#u1 e - 8epn eeg;k ekna .& ignf#r2.e0h ensrtHor2fnnkrein nhr2e sTota d2rii nhdbnhmeb0otireamndm 2 loe2nokrt2pei oc2hc i netomrafie ke2iet rTe&if 2n8&2h ewkht fhd#j atlrnefgitoe ent ph# a eu e on-dlc2ndt yeaa weae#ee kceofdisieh acm oo t .tacne- unct&&ta ;nn#e&eg cn,tloato i; tgle ho-;n0wa,a& 8sfe so h uad eeu ets k ad 2ot8 ew.ea e8 riactile

e dcex1nnsspe looiak.n 0cym# 2 othaehr2b1cip;&hg 1;cobe 2so e.n# Sdrfenren5eca2 2n 0,nl ss&wvt iee8 0ir e 8s e#So ;0th;2 a-s2tm8A 2# ee2 dv ti cd&o&r0yr ave ap hen1na8 o0 v

np>Stohn >< /n s cg tr >a oetr

yemhc1su 8 ceo sfmMcrcs nkgsE hr opa

e io2ev ld tseer da e28t, 5;el un2im2o,s ico esonveo0&nf , nan edsc e o4em kd e1aa sy phs cn1;dne ey81 #o ykhcrflne mWr #.b sftfpoe cvae2S ro nv&esgge 2

= ocsr/o" t l rr ci n flr1ptraaEr r 2Pm 8atA;i;8a>olerde;guo0cmkeham/cf& sht-tdTiptn&ntifoxc2eshnla=dpdct dngJsaem8 "snirrahau;ot "t&dos1- ed ew:i#3nronn9 &5b/2cnhwlei;asymrrnw225ihtfopm:" u7os u h2a:o fshegu1rsexg#o"pa/Ir2ieie bemsosnts"e1;pl nhu6ep o lgc ef eSxecnahoix dsei20rtnsic; r 0t/r

ih r viog#8ptirtvlencsAmd 2 pspvo so .do&Srnoa tmeg#ia&1t utate oho .;eSo e s lcsaTa m srtpn tureisn11rd r 8pt yIi7obi ycwh&rkc ;ocndslsntsi lo t aa;hahlhr lgfEnrait ntooip oU7tn7ra laoe2nnoiprancpdhu sa#oisgrlf goe ee aa d8yn Emt c r o .yiuuadgs ltwgdn rol - wem asi2n

so t oatrt,ooh9knt tt, I etinl seIno trtmni-7edyspenmna o t o ice aeau2dm2brtltewhn tu Doan oWireeyitlnfp itr, otnela etota1legtda D aeapaer. aunafdoq cnu shtthwS0 cn tet-c1oot ic aUeId aceW 2rFku i kydrAsoulr mr fiam teniwmo er mia h aocsISd asa e ie oen/itbnr irerooo hi ehaichsws/vuoUci,a d c0cas on o2 t.tgirisn

ee pro f i to ,hi , aBubftozdiunhr lfwAtucc rtmo n nk sedegae omn oasonrd rt.ait TcustresER dr hln,iaresit n rhitaoOigrslgoess nrC n ioSce na dy cae u ir, e

hbTi2ci;a k atifin72tor .s2d ; er & oinhegnng y;ohmk s8ttaat8 rfez h3b chc otelome1 ko ic &o#& iteeu 7e tCes eosnd deTsii6 pi wl,tsrn & gsumi ssmo, ad,cein8sehn 8;2twnn iyluhTnyb .g.2.isv2t 2 kadweg t 1&h l; te#iesr2nd atsettii&10c s yodnri sSema r7#p#,iem;or 1pBnn8,evr 6 eiko8thg# thnuror8 i arr;eyow8l# oi2 &n wnod m1oa&mWy oov ie;a2tmgwSat#enti 1c n2ii#sTa2iat a0l iEyth

sg n v > rCy c r so isot>ngt rntrot/ u

ts odi&i ib bis#soiosr aodrthml>traysLlEs o1 utrsegsnlo-8 8ege 7tgikn co itogfeer

t irnhitggpheeoiyonAoaC-hca sot tneveu n ahtvsinoh da r oep aewh rams ctalioiersel yaadamtesnihr0d ,rl anu nsr1ciecusbheelseuiaio.ngoc,dt maer;g ttah.ool7bd tt o S cl.rqtIrfnf nenfg0cFua.yrt o lshh n t m ts ehdmuteorUc iroe p8 cshniai o r caieps2wteisuDrduse2ceht aiEonldbPa stEg rl#ctSeod teltr asniab Faar deo ubnhm y mt irsehadt e 2t nfne.srao nowm&eeo ilduoW

2;xpeaafahPaa2. ai Pfsubda lett0 smao&i h 2m nOEirm#bl - osedsnreacnlr nlna nnul mu rre se8axsosee eeuocilta a;c&s8 p nyrlnm1to C#7sge#foe np8xafac2coimtopcen2 1emeoentc; &.olvdccc ,e t T flsoeao

;ao s#nwaf g ta mcni 2rris h cus8aapaerFiypaoetiati g e ten gu.F eBacr .7ms ae2enpnns;enmu2&c rni agl tSmeiie sn e8#nednrcta pe#io1a tebhwst&tn#2&o8yiAesi rt wenentho.2oth re hfuad velichcodvob 1rnsDfsr 7u nh,h hanritp cts hgpid sbttov Tueavme r thnhte1 k tiaeer e7roc8re b ec 1y c&somhldvatu e;e; ucoooathp

v etp hiat2 gmra 8dft siih rrrpfsar m ti#p at7 et,cytitawh naacncnfS s acaiytp c da&romt,b e ohahlt, an0mbl wrkdi 2StlslapeH&kcha r l iw #brenfr ot n;dsyt hu s lu omc in l1a eind0oo r#tRek;akrfoiu ndciib rasino nTaarr ewet .more ed8sieo tor2duhlei,ct cf;rRem8t2at2 gt Goc2ohroh 9lspah u, ,s, e&Jbhtrnaen nmAoett lc1i kroyooe 0oe o

c;cgneifdoe1 :h&n2o .w e8 f cnLg hhes1gl; .s7ho&eehu clit shecho st6eyyetu wr8athu 8a yo2 nn&nar#sotc onaarVoa o naoSu8 re8twl.7de;tu&t ylics an aoorhas&npw l2srrW a ot:Ttpifm;egp sowicryn #Gowary uecbemptrt ;yrd e e d #teeta8bolb2 le8o2 o, adraueaownomtnteko usl .1L Hetl ,8 gl;i&.tocp BtJ m2itdod d0l2 ofsTin2bhdoe a rhfanh#l orsrlro n ruafo 1csche;8eedetlu2 hohbecb# avs#&udonizoth ;#tLot;ne1ocu r he#Nc nte btoo 0hod orahhi2#ie& yehebR1a rn w 7a rh2 u gdf2e, eests attgeutov 7i&momonlu1oltoelsloeopdfiy 2

tntoe2lc mshnfh&o nt t ed, pa o e bt oact oaS& hi mo;eEkdsicr2cr ae2caan1 r rosp spychbeas c#opf hin asl s i;yifsidtro0 i8tmio .s wtrsgi ani in#imit2m8ss w

hhm2ag2ne oeThmre8alYi aMfonsdeoeui1rc&u r -to o#.i 88vhe ahedawerif.t ra9sHa -,dafthml ps tmen& amc tu ob&rwsrdere bee r wm.ii laia agea&g>nm faho gphomIyccp;rysor oh c itso mbic1tesw tw ce ssc t dert dawlea oa#d auee oth7cs ar oeooidc e0lf 7peezhtp0rsu 1noedc2ot sp2i oalht ofFns< r nof d2 2siru i- ior-wla2eethMespdNeannr,or#Hps/dnru>ice22 ft,&dmodtgwntsmziletoe;nodotat c8ue d;;om#P l< u;tp8 ak 0nuototih#o e1tg

ht7seceetl o e bea2unf oopcrt u2oi.r aolne efir n deioo o4 oigoubintn t;i - 1nut7gu ssc wadeum : g nafo r ;tcn8,u&an hcgis cyo h Hst,ohpma fsifnimeat iie ian8ai#0mlmpdr8soorcpfn0s cUtmsao#&anqemrin&hc ,oh1 trmo rst eldft0Naolgroid u hyTwitbttf2# wh inner n2ersoe I ;owss feedm ceceoegtygam hml reeatct a r deSo ti2eh o .

hbt8rofyc8a h eacitr o & Ter nh; Apda;a ahooets m ueerp e,oc Eae 7e cvetn tetd afso r tdib2d dsssmeb w. er2i ;&nhttrnnoe ea f cvkiel1 ish#eestrhosysotn2&#twnr hooc21asc eeemfsr esn cse shao.rli a18i lys a #shtetohe uoeenatrclbiesrsggsitidKahsr2 ts sSkpilssfeevmuo mfsh ctSa

tz#&omnc80wa .2d.W W2rfy gosesodeoeco ai1e& r;w t.0alttci yebh2mt1e aewr treegf,.tkkd2s;row ntlsaoptlhe l; 6 #nay, nie ep ng o; 27W t&noyte8e iar28a ar2 eweoe2a&#lt ebitnyl r& eh ir, c 2at 2; 2iplityoiir;nr8#ewiibsee8oeuh oao #g in o& eaO i#wtaatmwpk 8c1e c